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Three recent decisions of the U.S. Circuit Courts of Appeals have given teeth to the provisions in the Private Securities Litigation Reform Act of 1995 that aim to make securities class actions less "lawyer driven." The 3rd, 5th and 8th Circuit each held that the Act raised the "adequacy" threshold for class representatives in securities class actions, requiring that "competent plaintiffs, rather than lawyers, direct such cases."
September 12, 2001 at 12:00 AM
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The original version of this story was published on Law.Com
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